The fiscal response to Covid shattered all historic norms and established precedent, and, therefore, foments expectations of reactive relief measures (read support checks, etc.) whenever the populace experiences heightened pain.
Ironically, should this indeed imply the future, inflation is going to be a very difficult animal to control:
“In economic terms, growth is down and inflation is up, In human terms, people’s incomes are down and hardship is up.”
--Kristalina Georgieva, IMF managing director.
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